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Home | Citigroup Inc. Buys Troubled Ameriquest Mortgage Platform
Hudson & Marshall
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Citigroup Inc. Buys Troubled Ameriquest Mortgage Platform

New York-based Citigroup Inc. has acquired  Ameriquest Mortgage Co.:http://www.ameriquestmortgage.com, the wholesale mortgage origination and lending platform of ACC Capital Holdings (ACH). In a press release, Citigroup said the acquisition, which includes loans valued collectively at $45 billion, closed on September 1.

New York-based ""Citigroup Inc."":http://www.citigroup.com has acquired "" Ameriquest Mortgage Co."":http://www.ameriquestmortgage.com, the wholesale mortgage origination and lending platform of ACC Capital Holdings (ACH).
In a press release, Citigroup said the acquisition, which includes loans valued collectively at $45 billion, closed on September 1.
""Exercising our option to acquire the assets from ACH's wholesale origination and servicing business allows Citi to secure valuable and scalable platforms in a market undergoing significant change,"" said Jeffrey A. Perlowitz, head of global securitized markets in Citi's Fixed Income and Currencies and Commodities unit. ""Through this acquisition, we gain important operational and pricing efficiencies and the ability to extend the high lending standards of our existing residential mortgage business from point of origination through securitization and servicing.""
The Ameriquest Mortgage Web site posted a note to customers late in the week, saying, ""Ameriquest Mortgage Company is no longer accepting loan applications.""
Click ""here"":http://www.citigroup.com/citigroup/press/2007/070831c.htm to read the full press release from CitiGroup.

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